Israel’s Delek Expanding

Israeli firm Delek Group is expanding its operations, taking Anglo-Dutch major Shell’s stake in the Anadarko-operated 70,000 b/d Caesar-Tonga field in the Gulf of Mexico and is close to finalizing a $2bn deal to acquire US firm Chevron’s North Sea assets.

On 11 April, Shell announced it had reached an agreement with Delek to sell its 22.45% stake in the Caesar-Tonga field for $965mn in cash. Anadarko operates the field with 33.75% stake, Norway’s state oil firm Equinor holds 23.55% and Chevron has 20.25%. “The transaction is likely to close by the end of the third quarter 2019, with an effective date of 1 January, 2019,” Shell says. (CONTINUED - 202 WORDS)